https://www.taxtmi.com/caselaws?id=67665 The appeal involved the levy of a penalty under Section 271(1)(c) of the Income-tax Act on an assessee for concealing income related to discrepancies in sales records. The Tribunal upheld the validity of the penalty proceedings initiated by the Income-tax Officer, concluding that there was sufficient evidence of concealed income. After analyzing the quantum of concealed income, the Tribunal reduced the penalty amount to Rs. 38,570, finding it just and appropriate. en-us Thu, 30 Sep 1976 00:00:00 +0530 Sat, 12 Mar 2011 12:40:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67665 The appeal involved the levy of a penalty under Section 271(1)(c) of the Income-tax Act on an assessee for concealing income related to discrepancies in sales records. The Tribunal upheld the validity of the penalty proceedings initiated by the Income-tax Officer, concluding that there was sufficient evidence of concealed income. After analyzing the quantum of concealed income, the Tribunal reduced the penalty amount to Rs. 38,570, finding it just and appropriate. Case-Laws Income Tax Thu, 30 Sep 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67665